Philippines seek green UAE investment

The Philippines hope to woo investors from the UAE for the Southeast Asian country’s renewable and clean energy projects, it emerged during a visit of Philippine Vice-President Jejomar Binay in Abu Dhabi on January 14.

Binay, who has been attending the ‘1st International Water Summit,’ the ‘5th Zayed Future Energy Prize Awarding Ceremony’ and the ‘6th World Future Energy Summit’, all three events part of the Abu Dhabi Sustainability Week, met with Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and said he hoped to convince renewable-energy developers to invest in the Philippines.

“We recognise that sustainability and the world’s use of its limited energy resources are ever more critical in light of the recent destructive natural disasters we have experienced,” Binay said.

The Philippines has recently pushed the renewable energy sector by introducing special investment incentives.

Based on current projections of the Department of Energy, renewable energy is foreseen to provide up to 40 per cent of the country’s primary energy requirements in the coming years. Biomass, micro-hydro, solar and wind are seen to be the largest contributors to the total share of renewable energy in the energy mix with an average share of 27.5 per cent. Hydro and geothermal are planned will contribute the balance and continue to be a significant source of electric power.

The Philippines hope to woo investors from the UAE for the Southeast Asian country’s renewable and clean energy projects, it emerged during a visit of Philippine Vice-President Jejomar Binay in Abu Dhabi on January 14.

Binay, who has been attending the ‘1st International Water Summit,’ the ‘5th Zayed Future Energy Prize Awarding Ceremony’ and the ‘6th World Future Energy Summit’, all three events part of the Abu Dhabi Sustainability Week, met with Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and said he hoped to convince renewable-energy developers to invest in the Philippines.

“We recognise that sustainability and the world’s use of its limited energy resources are ever more critical in light of the recent destructive natural disasters we have experienced,” Binay said.

The Philippines has recently pushed the renewable energy sector by introducing special investment incentives.

Based on current projections of the Department of Energy, renewable energy is foreseen to provide up to 40 per cent of the country’s primary energy requirements in the coming years. Biomass, micro-hydro, solar and wind are seen to be the largest contributors to the total share of renewable energy in the energy mix with an average share of 27.5 per cent. Hydro and geothermal are planned will contribute the balance and continue to be a significant source of electric power.